FRANKFURT -- French tire manufacturer Michelin SCA said Friday it swung to a first-half net profit of 504 million euros ($659 million) from a loss of €122 million in the same period a year ago. Sales rose 17% to €8.35 billion from €7.13 billion. Analysts expected, on average, profit of €380 million and revenue of €8.16 billion. "While rising raw materials costs will have a negative impact on second-half consolidated results (and reduce full-year income by €600-650 million), Michelin will benefit from the price increases introduced in the first half," the firm said. Michelin reaffirmed its full-year 2010 target of driving 10%-plus growth in sales volumes.
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